income tax

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rupesh (Querist)
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07 December 2009 hi
suppose in previous year if there is tds receivable in balance sheet of individual whao carries business profession
then in next year what treatment should be done of tds receivable?
(1) if refund is got? (2) if refund is get.?

Bhaskaran Chackrapani Warrier

Bhaskaran Chackrapani Warrier (Expert)
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07 December 2009 1) If refund is received pass the following entry.
Bank a/c Dr 108/-
To TDS A/C 100/-
" Interest on tds A/C 8/-

2) If refund is not received carry forward the amount in the same a/c head up to the time of completion of assessment.

VINEESH KHANNA

VINEESH KHANNA (Expert)
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07 December 2009
Alternatively, the individual can simply pass the following entry in the next financial year:

Capital Account Dr.
To TDS Receivable Account

When refund of Income Tax will receive, then pass the following entry:

Bank Account Dr.
To Capital Account
To Interest on Income Tax Refund Account

CA. Rishabh Mittal

CA. Rishabh Mittal (Expert)
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07 December 2009 In my opinion, instead of debiting the Capital A/c, TDS receivable should be treated as seperate account in books.

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